Founder Talk with Alex Sheridan

Most founders don't know where they're bleeding cash every month. Neither did some of the most successful business owners Hunter Scott has worked with.Welcome to the 100th episode of Founder Talk! Hunter Scott is a CPA and Partner at Strata Cloud Accountants. In this conversation, he breaks down the top financial mistakes founders make, shares stories of hidden margin killers, and explains why your tax bill might be the best KPI you have.Key takeaways:00:00:00 Introduction00:01:22Q: What are the top three financial mistakes business owners make?A: Hunter Scott says most founders barely track their numbers, make gut-based decisions without forward-looking views, and hold onto the illusion they can do it all themselves.00:06:09Q: What is a good profit margin for a B2B service company?A: Hunter Scott says 60% or above, and recommends digging into utilization metrics to find where the gaps are.00:15:05Q: What drove the firm to nearly double in revenue last year?A: Hunter Scott says working with a sales coach and making three to six phone calls a day to build real relationships were the biggest drivers.00:21:36Q: What is an example of a hidden financial problem most founders miss?A: Hunter Scott shares how a restaurant's margin was dropping because the cost of limes went up, resulting in a 10,000-plus monthly impact once fixed.00:28:16Q: Should founders avoid paying more taxes?A: Hunter Scott says the best KPI is how much you pay in taxes because it means the business is growing, and resisting growth to minimize taxes is one of the most expensive mistakes.00:40:08Q: How do you build a lifestyle business that still grows?A: Hunter Scott says you have to stop being scared of the loss of money that comes with delegating, and refuse to make any decision based off fear.Subscribe to Founder Talk so you don't miss what's next.Connect with Hunter Scott:Email: [email protected]: https://www.linkedin.com/in/hunter-scott-cpa/Company LinkedIn: https://www.linkedin.com/company/strata-cloud/The Founders Brief2,500+ founders read this newsletter every week to build businesses that run and grow even when they step away. The Founders Briefing delivers real strategies and tactics from the best Founder Talk conversations, behind the scenes access, and the insights that never made the final cut. Sign up here: https://podcastbuilders.activehosted.com/f/3 If you are a B2B company that wants to build your own in-house content team instead of outsourcing your content to a marketing agency, we may be a fit for you! Everything you see in our podcast and content is a result of a scrappy, nimble, internal content team along with an AI-powered content systems and process. Check out pricing and services here: https://impaxs.comIf you want to start a podcast that helps you win clients and become the go-to brand in your industry, Podcast Builders can help! https://podcastbuilders.com/Podcast Builders is a podcast production and strategy company based in St. Charles, Illinois that helps founder-led B2B companies build revenue-generating podcasts. The company provides podcast strategy, studio production, editing, and distribution services for businesses across the western Chicago suburbs including St Charles, Geneva, Batavia, Naperville, Aurora, Wheaton, Glen Ellyn, Elgin, and more.Head to our website to stream every episode on your favorite platform, join the Founder Talk community, and submit questions for future guests—all in one place: https://foundertalkpodcast.com/#FounderTalk #EntrepreneurPodcast #StartupPodcast

Ryan Quinn acquired a 30-year-old construction company after the owner said he was either closing the doors or selling. Ryan and his wife Nancy survived year one, and are now rebuilding the business into something new.Key takeaways:00:00:00 Introduction00:11:55Q: Have construction prices come down since COVID?A: Ryan Quinn says prices have not dropped in six years and owners who waited are still waiting because costs have stabilized at the higher level.00:16:27Q: Why do business owners hide their budget from contractors?A: Ryan Quinn says hiding your budget is an old school tactic that hurts your own project because it prevents realistic guidance.00:27:10Q: What does building a new commercial building actually look like?A: Ryan Quinn describes the journey from a cocktail napkin sketch to a 200-page document to a finished building.00:29:35Q: What is the future of the skilled trades?A: Ryan Quinn says not every kid needs college and the trades are seeing a resurgence as stigma fades and the retiring workforce creates opportunity.00:37:33Q: What is it like to acquire a business someone else built over 30 years?A: Ryan Quinn shares how it happened organically through trust and why an existing foundation made more sense than starting from scratch.00:41:11Q: What is the one piece of advice for new business owners?A: Ryan Quinn says listen more because he and Nancy missed signals early on that could have helped them navigate faster.Subscribe to Founder Talk so you don't miss what's next.Connect with Ryan Quinn:LinkedIn: https://www.linkedin.com/in/ryan-quinn-a44517106/Website: https://qdbi.net/The Founders Brief2,500+ founders read this newsletter every week to build businesses that run and grow even when they step away. The Founders Briefing delivers real strategies and tactics from the best Founder Talk conversations, behind the scenes access, and the insights that never made the final cut. Sign up here: https://podcastbuilders.activehosted.com/f/3 If you are a B2B company that wants to build your own in-house content team instead of outsourcing your content to a marketing agency, we may be a fit for you! Everything you see in our podcast and content is a result of a scrappy, nimble, internal content team along with an AI-powered content systems and process. Check out pricing and services here: https://impaxs.comIf you want to start a podcast that helps you win clients and become the go-to brand in your industry, Podcast Builders can help! https://podcastbuilders.com/Podcast Builders is a podcast production and strategy company based in St. Charles, Illinois that helps founder-led B2B companies build revenue-generating podcasts. The company provides podcast strategy, studio production, editing, and distribution services for businesses across the western Chicago suburbs including St Charles, Geneva, Batavia, Naperville, Aurora, Wheaton, Glen Ellyn, Elgin, and more.Head to our website to stream every episode on your favorite platform, join the Founder Talk community, and submit questions for future guests—all in one place: https://foundertalkpodcast.com/#FounderTalk #EntrepreneurPodcast #FounderPodcast